A short statement has been issued by the Italian company, which didn’t go into much detail but made it clear that it didn’t intend continuing.

“Geox confirms the end of its sponsorship agreement with the professional cycling team led by Mauro Gianetti at the end of the current season,” it said. “After a year of experience in professional cycling, the company considers its presence in this sport not strategic anymore.

“Geox wants to thank Mauro Gianetti for his work with the team, that reached its peak with the Vuelta a Espana win.”

It didn’t elaborate on why it deemed it not to be strategic to remain in cycling.

The team’s management company said earlier today that it considered the agreement between it and the Italian backer to be binding. It said that it would take the matter further in order to force the sponsor to honour its undertaking.

“Club Deportivo Bike Live will ask Geox for the execution of contracts [to honour them – ed.] and some compensation regarding damages before the Court of Arbitration for Sport in Lausanne,” it stated.

It also warned that the developments could potentially spell the end of the team.

Vuelta winner Juan Jose Cobo (pictured) had already confirmed a new deal with the squad. Others such as Denis Menchov were also set to stay on board, although Carlos Sastre announced his retirement in September.

The timing of the news couldn’t be worse for its riders, as most team places are already sewn up at this point in time and there is very limited opportunity to seek slots elsewhere.